Apple rebounds after 5-day stock slide

Apple's five-day losing streak, which wiped about more than 10% of the company's market val...

Posted: Nov 15, 2018 11:51 PM
Updated: Nov 15, 2018 11:51 PM

Apple's five-day losing streak, which wiped about more than 10% of the company's market value, appears to be coming to an end.

Shares of Apple (AAPL) were up more than 2% in late afternoon trading Thursday.

Apple Inc

Business, economy and trade

Companies

Company activities and management

Company earnings

Financial performance and reports

Financial results

Business and industry sectors

Consumer electronics

Consumer products

Electronics

Mobile and cellular telephones

Mobile technology

Smartphones

Technology

The stock took a tumble this month because of growing concern about a slowdown in demand for its latest iPhones. It's fallen 20% from its all-time high.

Apple told investors in its latest earnings report that it would no longer provide unit sales figures for the iPhone and other devices, leading Wall Street to speculate that sales may have peaked.

To make matters worse, a bunch of companies that make chips and other components used in iPhones lowered their forecasts, citing sluggish demand for high-end phones.

Several analysts slashed price targets and earnings estimates for Apple in the past few weeks.

Concerns about soft sales for iPhones may be hurting Apple's overall digital sales.

Research firm eMarketer said in a report Thursday that it now expects Walmart (WMT) to overtake Apple as the third largest e-commerce firm in the United States because Apple's sales growth is forecast to slow. Both companies trail Amazon (AMZN) and eBay (EBAY).

But one influential Wall Street analyst came out in defense of Apple Thursday.

Morgan Stanley's Katy Huberty wrote in a report that the "supply chain noise" about Apple suppliers was creating a buying opportunity for the stock.

Huberty argued that investors are overreacting to the warnings from some components companies and "remain narrowly focused" on unit sales.

She thinks investors are forgetting that Apple' services business, which includes things like the App Store, iCloud, Apple Music and Apple Pay, is growing more rapidly than most other Apple businesses.

The services division generated about $10 billion in sales last quarter.

That business -- which features lucrative recurring subscription revenue -- is much more profitable than the relatively low-margin business of selling phones and other hardware.

Huntsville
Few Clouds
76° wxIcon
Hi: 89° Lo: 72°
Feels Like: 76°
Florence
Scattered Clouds
79° wxIcon
Hi: 90° Lo: 74°
Feels Like: 83°
Fayetteville
Clear
75° wxIcon
Hi: 90° Lo: 72°
Feels Like: 75°
Decatur
Clear
79° wxIcon
Hi: 90° Lo: 73°
Feels Like: 83°
Scottsboro
Broken Clouds
75° wxIcon
Hi: 89° Lo: 73°
Feels Like: 75°
WAAY Radar
WAAY WAAY-TV Cam
WAAY Temperatures

Alabama Coronavirus Cases

Confirmed Cases: 48588

Reported Deaths: 1042
CountyConfirmedDeaths
Jefferson5687161
Mobile4315136
Montgomery4275109
Tuscaloosa238248
Marshall181511
Madison16208
Lee146337
Shelby141424
Morgan11575
Baldwin10399
Walker101825
Elmore97519
Dallas9189
Franklin90616
Etowah83413
DeKalb7905
Chambers64727
Autauga64312
Butler63728
Tallapoosa60669
Russell5890
Unassigned53826
Houston5366
Limestone5251
Lauderdale5146
Cullman4905
Lowndes47922
Pike4525
Colbert4426
St. Clair4402
Escambia4358
Calhoun4035
Coffee3923
Covington38110
Bullock36910
Barbour3622
Jackson3432
Talladega3337
Dale3261
Marengo32011
Hale31722
Wilcox2958
Clarke2876
Sumter28512
Winston2773
Chilton2762
Blount2581
Monroe2442
Pickens2446
Marion24114
Randolph2289
Conecuh2187
Macon2029
Choctaw19912
Bibb1981
Greene1888
Perry1791
Henry1403
Crenshaw1253
Washington1217
Lawrence1130
Cherokee1117
Geneva860
Lamar801
Fayette721
Clay692
Coosa601
Cleburne391
Out of AL00

Tennessee Coronavirus Cases

Confirmed Cases: 55986

Reported Deaths: 685
CountyConfirmedDeaths
Shelby12549208
Davidson12234132
Rutherford323437
Hamilton300736
Sumner172755
Williamson151515
Trousdale15035
Knox13929
Out of TN12307
Wilson106017
Putnam9267
Robertson87511
Bradley8744
Sevier8573
Unassigned8302
Lake6960
Tipton6625
Bledsoe6241
Montgomery6207
Bedford5898
Macon5114
Maury4063
Hamblen3974
Hardeman3744
Fayette3443
Madison3392
Loudon3021
Rhea2930
Blount2723
Dyer2703
McMinn25518
Cheatham2432
Dickson2310
Washington1970
Cumberland1934
Lawrence1926
Anderson1662
Lauderdale1643
Sullivan1592
Jefferson1481
Gibson1471
Monroe1416
Smith1362
Coffee1320
Greene1222
Hardin1197
Obion1172
Cocke1160
Haywood1082
Franklin1013
Marshall1011
Warren1000
Hickman950
Wayne900
Marion874
McNairy841
Lincoln780
Giles771
White773
Carter751
Roane710
DeKalb700
Overton671
Weakley671
Hawkins662
Grundy652
Campbell621
Claiborne590
Henderson560
Unicoi560
Carroll491
Chester480
Grainger480
Polk480
Henry470
Crockett443
Johnson440
Sequatchie420
Cannon410
Humphreys352
Perry350
Meigs340
Jackson330
Morgan291
Fentress250
Stewart250
Decatur240
Scott210
Union190
Clay180
Moore170
Houston160
Benton131
Hancock90
Lewis70
Van Buren70
Pickett60

 

 

Community Events